Business and economic activity is stable in the Greater Peoria region. That’s according to the quarterly composite index released by Bradley University’s Departments of Economics and Management and Leadership at Foster College of Business.
The analysis shows regional economic growth between January and March was up .4-percent over the same period in 2017.
Dr. Bernie Goitein directs the study. He says the employment rate is one of the broadest measures of strength in the local economy. “We found rising employment by residents in the first quarter, a 0.9% increase from the number working from the year before.”
Goitein also says the composite finds, “continued declines in area layoffs and that helped reduce the number of unemployment claims being filed by 14 percent from the year before.”
Goitein says the local unemployment rate stands at 4.6-percent, down 1.5-percent from a year ago.
The Composite Index reviews 30 diverse business indicators in the Metropolitan Statistical Area. That takes in Peoria, Tazewell, Woodford, Stark and Marshall Counties.